Could "Buy American" Rule Spark Trade War?

60 Minutes, CBS News | Feb. 13, 2009 (Special Report)

Some Businesses Fear Clause In Economic Stimulus Package Could Hurt Their Exports

Steel - the so called "backbone of America" - is suffering. The credit crisis has hit the industry hard. Steel plants across the country are hanging on until the new stimulus package kicks in with its over $100 billion for building things like highways, bridges, and power grids, and its promise to get workers back into their hard hats.

The package Congress passed this week includes a "buy American" clause that the steel industry fought hard for. ... Full Story »

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by Doug Greer - Feb. 17, 2009

“When the credit crisis hit, the water shut off. The flow of money shut off. It was like dominoes, boom-boom-boom-boom, boom-boom. I’ve never seen anything like this and no one else has in our lifetimes.” That was in October. Clients, from homebuilders to carmakers, simply vanished. Up until then, the plant was running on all cylinders, with tons of scrap cooking around the clock, seven days a week.

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